Altcoins tend to grow in a disproportionate way in the last stages of a Bitcoin bull market.
Would that be because of the misplaced over-confidence by traders that the bull market will go on longer than they thought?
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In contrast, in the latter half of the bear market, altcoins tend to crash heavily and lose almost all of their value. Many of them never see their position in the "market cap rankings" again, because in the next cycle usually new altcoins become the "divas" of the moment.
Would that be because of "capitulation" from altcoins? Most of the altcoins cannot be traded to fiat, but only with Bitcoin.
I believe the real reason are the poor offerings (and perspectives) of the overwhelming majority of altcoins. Most altcoins do not really solve a problem or offer a "killer feature", but are hyped driven by all sorts of promises, and their price is only driven by speculation, not by actual usage. These "hype-coins" disappear after a cycle after lots of traders lose their money, or they become buried by the next hypecoin wave. And I'm not even talking about ICO tokens which are (often) far worse ...
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XRP, as much as I consider it a centralized coin with a concept that doesn't really make sense, seems to have established itself in the top altcoin positions, just like Ethereum - it's one of the few coins never having fallen out of the Coinmarketcap top 10, since 2013. I think this is related to its banking-oriented ecosystem of users.
What users? Hahaha.